Question

Jaime purchased a property in Becker County for $350,000. She put down $70,000 and financed the remaining $280,000. How much mortgage registry tax did she owe for the purchase?

(A) $630.00
(B) $632.00
(C) $634.00
(D) $636.00

Answer 1

Jaime owed $700 in mortgage registry tax for the purchase.

Step-by-step explanation:

To calculate the mortgage registry tax, we need to know the tax rate imposed by Becker County. Assuming the tax rate is 0.002%, we can find the amount of tax owed by multiplying the purchase price ($350,000) by the tax rate (0.002%).

Mortgage registry tax = Purchase price × Tax rate = $350,000 × 0.002% = $700.

Therefore, Jaime owed $700 in mortgage registry tax for the purchase.